When will the next round of layoffs start? Before or after the next earnings report in May?
What departments? Will they offer a sum of money for each year served?
9 replies (most recent on top)
https://www.washingtonpost.com/business/2020/04/28/federal-reserve-bond-corporations/
Another payday for Marvin.
My concern is this. Will we be getting products in. How much do we get from China and overseas? Cleaning supplies are the least of my concern. It's hardware, plumbing, lumber, and tools. Can we fill in the gaps? No products no need for associates.
We will pay for this. The boost in sales due to CV19 stay at home orders is paralleled with $300 payouts, indiscriminate overtime and $2 extra an hour (through next week). Trust me, when reality comes crashing down, new home starts go in the tank, inflation and depression era unemployment, expiration of delayed creditor bills and blown stimulus checks hit the economy square in the face like a 6x6 post, the Lowe’s of the world will do what they do best.....cut payroll!
Sales are through the roof but with everyone getting a two dollar/hr raise for April I expect company profits for this quarter to be flat compared to last year.
“All of these record sales are a result of covid-19 and are unusual. Everyone is freaking out and buying impulsively. This is setting the stage for next year's budget. Many stores will not make that budget because things will get back to normal. Then you can be rest assured cuts cuts cuts.”
I doubt that the sales increase will set the plan for next year simply because they’d also have to set payroll budget that much higher to match the extended hours a lot of stores have used. Plus I’ve worked in markets in Florida that had increases due to natural disasters and the budget the next year wasn’t reflected
All of these record sales are a result of covid-19 and are unusual. Everyone is freaking out and buying impulsively. This is setting the stage for next year's budget. Many stores will not make that budget because things will get back to normal. Then you can be rest assured cuts cuts cuts.
Marvin be like twice the sales with half the associates, yes! I like it! Show me the money - Marvin
When Marvin says “look team” he means look around at the other associates in your store some of you won’t be there when Marvin finishes what he is saying.
When Marvin says “but” it’s know as the Marvin pivot, the point at which what he is saying turns from good to bad. For example: “look team, sales are up, profits are up, but LTR scores are down so we have suspended the SSEI for this quarter because you got a $300 or $150 bone-us and $2.00 more per hour for April. I know other retailers did more, but this is Lowe’s and we do less.” See, two buts and it goes from good to bad and bad to worse.
When Marvin says “god bless” what he really means is “f–k you.”
They better not lay off ONE person storeside. Not one.
The only associates who will receive a severance based on time served will be salaried associates.